Anti-virus decisions come down to personal preference a lot of the time. I was a big Zone Alarm, then AVG user for years, but then they both became very big and slow, and didn't have decent detection rates. I then moved to a subscription of ESET's NOD32. I highly recommend this product as a paid for solution. However, over the past 12 months or so, I've been using Microsoft Security Essentials. It is free, has good detection rates, doesn't eat much system resources and doesn't nag you. I'd highly recommend this. Another two free anti-virus products I would recommend would be either Avira AntiVir or Avast. Both are on a par with MSE in my opinion.
I'd highly recommend using only ONE anti-virus. Two or more will often cause compatibility issues.
I'd also highly recommend using one of the other free anti-spware/malware products (links in a different forum section). You can have more than one of these. This way, you're covering all your bases.